15 Helpful Tips to Become a Successful Young Entrepreneur

Submitted by admin on Thu, 08/29/2013 - 02:09

What is entrepreneurship? Is it a choice or an option? Young generations of today should know the significance of entrepreneurship. It can be an endeavor and career path to pursue. The country is facing serious problems on present economic conditions, job scarcity, and high unemployment rate. Entrepreneurs play an important role in the economy for they are willing to take the challenge and are full of courage and dedication.

The following are 15 helpful tips to become a successful young entrepreneur. Following these guidelines may help an entrepreneur to survive despite ups and downs:

1. Discover the self

Every individual is unique, having distinct mind and special gifts. Identifying one’s intelligence level and properly utilizing it can bring prosperity.

2. Plan…plan…plan…

Before starting a business, a would-be entrepreneur must have a concrete business plan. The plan would serve as his map, a blueprint in order to succeed and to know every step of the way. Having a plan, one is able to clearly identify the objectives to be achieved. (wikihow.com)

3. Begin small

Dream big, but take one step at a time. All big businesses started from being small. A young entrepreneur is usually driven by a strong desire to make his business well-known in a short span of time. But there must be a careful understanding on what to do in every leap. One should not be in a hurry. As the saying goes, “Slowly but surely.”

Know the “in and out” of how to run the business. As Stephen Covey (Seven Habits of Successful People) said, “Sharpen your saw.” A would be entrepreneur acquires knowledge and ideas from experts. Researching, reading, attending seminars, trainings, and workshops will help a lot to really understand the business world.

5. Manage the finances wisely
Once your business starts, learn how to manage the finances, allocate funds for all the working expenses of the business including the taxes to be paid. Keenly monitor the sales, expenses, and the earnings. Separate the personal money and never use the revolving capital for personal interest. Avoid impulse buying. Be disciplined. (mxk10.blogspot.com)

6. Love your work

Getting stress, experiencing over-fatigue, and suffering related health problems sometimes go along with one’s work or job. The key is to consider the work as a therapy or an exercise—not merely as the bread and butter to survive for daily necessities. The key to love the work is putting your heart into it.

7.Learn from the past experiences

Past experiences can be a tool to know whether or not you are doing the right thing. Others’ experiences on how they survived some problems are also helpful. Mistakes can be avoided by learning from past experiences.

8. Maintain good quality product

The quality of the product provides customers’ satisfaction. See to it that the product is competitive and meets the needs of the customers. Be customer oriented.

9. Share your blessings

Doing business is not just earning a living. Sharing is another key. Using part of the earnings to help others is like multiplying the earnings. Blessed ones are cheerful giver. If one’s hand is always closed, it cannot received any blessing. If it is open enough for sharing, the more blessing will come.

10. Keep on the track

Entrepreneurs should be fast. Assume that you are running on a race track. While running, your focus is to reach the finish line no matter how hard it may be. So just keep on running to win the race.

11.Build a rapport to your customers

Improve your relationship with the customers. Customers are the blood of the business. Cultivating a nice relationship with them will keep the business growing.

12. Grab opportunities

Look for opportunities and be a keen observer. If opportunity comes, be open-minded. Good opportunities and good ideas come in a snap. Like bubbles it suddenly pop-up and will disappear. (mxk10.blogspot.com)

13. Be diligent
Hard work is a prerequisite. You must be willing to work under time pressure, not counting the hours but rather the value of your accomplishments.

14. Live a simple lifestyle

Being simple is practicing a modest lifestyle. Sometimes, it is easy to become a millionaire, but to maintain being one is hard. Usually when a person already has possessions, he tends to buy things he wants, though they are not necessary.

15. Learn on-line business

We are now on the 21st century dealing with cyber generation. A successful entrepreneur should learn the power shift. Being online business is a way to reach out customers. Through this way, you can reach out big market.

I personally believe that entrepreneurship is the key to success for financial freedom and ‘time freedom’. It also plays an important role in the economy because it creates employment and revenues for the economic stability of our country. To be a successful entrepreneur is not an overnight matter, it takes courage, determination, discipline, and open-mindedness. The way to success may be narrow. It is up to God to bless us financially but we should always do our part as proper stewards of God’s grace.

About the author:

Cerina Vicencio-Galoy, the contributor, is a Technology and Livelihood Education teacher in Pinagbuhatan High School, Pasig City, Philippines. She believes that all things works together for good to those who trust and love God and walks according to His purpose. She professes, “We are sojourners on this earth, we will pass this world once so we must always walk with God.” (Facebook account: cerinavicenciogaloy@yahoo.com)

QUESTION FOR DISCUSSION:

Why is living a simple life important to become successful entrepreneur? Defend your answer.

INTERACTIVE ONLINE ACTIVITY:

In the comment section below, write your short answer to the “Question for discussion”. Ask at least 5 friends (not from your school) to write a reaction on your comment (also in the comment section below, not in Facebook). Print your and your invited friends’ comments and submit the print-out to your teacher.

Tags: 15 Helpful Tips to Become a Successful Young Entrepreneur,Entrepreneurship, Technology and Livelihood Education (TLE/T.L.E.), Economics, Sociology, Social Sciences

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All GHS Business Tech students: Read the instructions, above, for the Interactive Online Activity. Once you have achieved the goal of commenting and having 5 people react to your comment, you will receive your grade. Remember, YOUR comment should relate to business and entrepreneurship.